Bitcoin and Altcoins Start Short Term Recovery
- Bitcoin price started a short term upside correction above USD 9,500 and USD 9,600.
- Ethereum is trading above USD 210 and ripple price could accelerate above USD 0.320.
- JCT and XTZ rallied more than 25% today.
Yesterday, we saw a few positive and recovery signs for bitcoin and altcoins. BTC/USD formed a support base near the USD 9,320 level and recently corrected higher. It is up around 2.5% and recently broke the key USD 9,500 resistance level. Similarly, there were bullish moves in ethereum, ripple, bitcoin cash, EOS, binance coin and litecoin. ETH/USD popped above the USD 210 resistance, but struggled near USD 215. Besides, XRP/USD is trading with a positive bias (08:00 UTC) and it could accelerate gains once there is a successful close above USD 0.320 and USD 0.322.
Total market capitalization
After trading above USD 9,500, bitcoin price extended gains above the USD 9,580 and USD 9,650 resistance levels. BTC/USD even broke the USD 9,700 level and it seems like it could attempt to surpass the USD 9,800 resistance level. If there is a convincing break above the USD 9,800 resistance, the price could continue to rise towards the USD 10,000 and USD 10,150 levels.
On the downside, an initial support is near the USD 9,650 level. If there are more losses, the USD 9,500 level is likely to hold the decline in the short term.
Ethereum price stayed above the USD 202 - USD 204 support area and started an upside correction. ETH/USD broke the USD 210 and USD 212 levels, but it faced a strong resistance near the USD 215 level.
A successful break above the USD 215 resistance is must for upside continuation towards the USD 222 and USD 225 levels. On the downside, the main supports are USD 204 and USD 202, below which there is a risk of more losses.
Bitcoin cash, eos and ripple price
Bitcoin cash price performed well and it climbed above the key USD 320 and USD 325 resistance levels. BCH/USD broke the USD 330 level and jumped more than 7%. The next key resistance is near the USD 340 level, where the bulls may struggle. On the downside, the recent resistance near USD 320 might act as a solid support in the near term.
EOS is slowly moving higher towards the USD 4.350 level, but the bulls are lacking momentum. If there is no upside break above USD 4.350 and USD 4.400, there could be a fresh bearish wave below the USD 4.200 level.
Ripple price jumped above the USD 0.312 and USD 0.315 resistance levels. XRP/USD is currently trading near the USD 0.320 resistance and it could accelerate gains once there is a successful break above USD 0.320 and USD 0.322.
Other altcoins market today
In the past few hours, many small cap altcoins recovered and gained more than 6%, including JCT, XTZ, GXC, NEX, XMX, ZIL, NEXO, GNT, LINK and NPXS. Out of these, JCT, XTZ and GXC are up more than 15%.
Overall, bitcoin price has clearly rebounded from the USD 9,150 support. However, BTC/USD must surpass the USD 9,800 and USD 10,000 resistance levels to continue higher in the coming sessions. If not, it could drop back towards USD 9,500 or USD 9,350.